Results of Operations

The world economy saw much weaker growth in 2020 than in 2019 as a result of the coronavirus pandemic. Growth in global industrial production and in the global chemical industry (excluding pharmaceuticals) was also below the prior-year level. In this market environment, BASF’s business did not perform as well as we expected: Sales were on a level with the previous year and earnings declined considerably.

Sales and earnings (Million €)

 

 

2020

2019

+/–

Sales

 

59,149

59,316

–0.3

Income from operations before depreciation, amortization and special items

 

7,435

8,324

–10.7

Income from operations before depreciation and amortization (EBITDA)

 

6,494

8,185

–20.7

EBITDA margin

%

11.0

13.8

Depreciation and amortizationa

 

6,685

3,984

67.8

Income from operations (EBIT)

 

–191

4,201

.

Special items

 

–3,751

–442

.

EBIT before special items

 

3,560

4,643

–23.3

Income before income taxes

 

–1,562

3,302

.

Income after taxes from continuing operations

 

–1,471

2,546

.

Income after taxes from discontinued operations

 

396

5,945

–93.3

Net income

 

–1,060

8,421

.

Earnings per share

–1.15

9.17

.

Adjusted earnings per share

3.21

4.00

–19.8

a

Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)

Sales and earnings by quarter in 2020a (Million €)

 

 

Q1

Q2

Q3

Q4

Full year

Sales

 

16,753

12,680

13,811

15,905

59,149

Income from operations before depreciation, amortization and special items

 

2,579

1,229

1,542

2,085

7,435

Income from operations before depreciation and amortization (EBITDA)

 

2,428

1,070

1,044

1,952

6,494

Depreciation and amortizationb

 

972

1,011

3,682

1,020

6,685

Income from operations (EBIT)

 

1,456

59

–2,638

932

–191

Special items

 

–184

–167

–3,219

–181

–3,751

EBIT before special items

 

1,640

226

581

1,113

3,560

Income before income taxes

 

1,200

–923

–2,786

947

–1,562

Income after taxes from continuing operations

 

881

–888

–2,177

713

–1,471

Income after taxes from discontinued operations

 

22

14

13

347

396

Net income

 

885

–878

–2,122

1,055

–1,060

Earnings per share

0.97

–0.96

–2.31

1.15

–1.15

Adjusted earnings per share

1.26

0.25

0.60

1.10

3.21

a

Quarterly results not audited

b

Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)

Sales and earnings by quarter in 2019a (Million €)

 

 

Q1

Q2

Q3

Q4

Full year

Sales

 

15,596

14,478

14,556

14,686

59,316

Income from operations before depreciation, amortization and special items

 

2,642

1,885

1,980

1,817

8,324

Income from operations before depreciation and amortization (EBITDA)

 

2,770

1,546

2,259

1,610

8,185

Depreciation and amortizationb

 

991

1,039

923

1,031

3,984

Income from operations (EBIT)

 

1,779

507

1,336

579

4,201

Special items

 

29

–488

280

–263

–442

EBIT before special items

 

1,750

995

1,056

842

4,643

Income before income taxes

 

1,556

293

1,177

276

3,302

Income after taxes from continuing operations

 

1,163

243

917

223

2,546

Income after taxes from discontinued operations

 

277

5,686

18

–36

5,945

Net income

 

1,406

5,954

911

150

8,421

Earnings per share

1.53

6.48

1.00

0.16

9.17

Adjusted earnings per share

1.64

0.83

0.89

0.64

4.00

a

Quarterly results not audited

b

Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)